The 49,723-square-foot Drug Enforcement Administration (DEA) regional laboratory in Dallas, Texas has been acquired by real estate investment trust, Easterly Government Properties.
"The team at Easterly continues to execute on its strategy of growing an outstanding portfolio of mission critical buildings leased to the United States Government, one of the strongest credit tenants globally," said Darrell Crate, Chairman of Easterly Government Properties, Inc.
According to the press release of Easterly Government Properties in Business Wire, the acquisition will be the third built-to-suit DEA laboratory in Easterly's portfolio. It was built in 2001 and is leased to the General Services Administration, an independent U.S. agency that helps manage and support the basic functioning of federal agencies, with six years remaining on an initial 20-year lease.
"The addition of the DEA - Dallas laboratory is anticipated to bring Pro Forma Cash NOI to a run-rate annualized level of nearly $58 million," said Crate. "This represents approximately 19% growth from the annualized Cash NOI levels reported at the time of our IPO in February 2015."
The Drug Enforcement Administration is a U.S. agency that "enforce the controlled substances laws and regulations of the United States and bring to the criminal and civil justice system of the United States, or any other competent jurisdiction, those organizations and principal members of organizations, involved in the growing, manufacture, or distribution of controlled substances appearing in or destined for illicit traffic in the United States; and to recommend and support non-enforcement programs aimed at reducing the availability of illicit controlled substances on the domestic and international markets."
The DEA - Dallas regional laboratory is one of nine regional and specialized laboratories in the DEA's laboratory network that provides scientific and forensic support to DEA special agents and other authorities.
"The DEA - Dallas laboratory property provides scientific analysis in support of the DEA's mission to enforce our nation's federal anti-drug laws," said William C. Trimble III, Chief Executive Officer of Easterly Government Properties, Inc. "The laboratory plays a key role in helping to prosecute major domestic and international criminals involved in the manufacturing, dealing and trafficking of illegal drugs."
